Ethos (ETHOS) is a highly-anticipated universal cryptocurrency wallet that has been generating a lot of buzz. If you are the type of cryptocurrency investor that likes buying different sorts of altcoins, you know how frustrating it can be having to manage various online, hardware and desktop wallets. On top of that, we have to bounce around from exchange to exchange just to buy a specific coin.
At what point is everything going to be in one place – in a single app where we can execute all our crypto trading activities. There are a few up-and-coming blockchain-based platforms that are currently seeking to be the answer to it all, and Ethos is one of the top contenders.
Why do we need Ethos?
Found an altcoin that’s showing a lot of promise, and now you want to buy in? Congratulations. In order to get to the point where you have that altcoin stored in a secure wallet, you will have to go through a number of steps:
- You’re going to need to set up a wallet that’s compatible with the coin you’re buying. Hopefully it’s easy, like an ERC20 token – setting up MyEtherWallet is super fast and simple. A lot of wallets aren’t simple, however. Just ask Verge (XVG) holders.
- You will have to buy Ether (ETH) or Bitcoin (BTC) in order to get your altcoin. Most people start off with Coinbase, which is the easiest and often fastest way of buying ETH or BTC with USD (especially with the PayPal option).
- But Coinbase only supports two other altcoins, so you’re going to have to pay to transfer your funds to an exchange that supports your altcoin.
- After you buy your altcoin on Binance, for example, you will have to then transfer to your non-exchange wallet to keep your coins safe
That’s a lot – and there are fees tacked on to pretty much every turn on this journey. It’s 2018 – shouldn’t there already be a one-stop shop for this.
That’s where the Ethos coin comes in
The Ethos coin, and the platform that it powers, will be a wallet that supports many different currencies – as well as an exchange where you can buy those currencies. Imagine how much faster crypto traders’ days will fly by when they can manage their trading on a single smartphone app.
It’s not just a wallet and exchange, either. This platform is going to support traditional asset trading like stocks and bonds as well (eventually). On top of that, Ethos will issue debit cards.
Oh, and it will also be a cryptocurrency-related social media platform as well, potentially challenging the dominance of Steemit (STEEM).
As of today, we can see what this app looks like
Fans of this cryptocurrency, especially members of the Ethos Reddit page, have been freaking out over the past half-day. That’s because the team that has been toiling away on the development of this tool just released a video showing what the user interface will look like:
It's been an incredible few weeks at #Ethos. We may be quiet at times – but our productivity is on 💯! Building the future of finance takes some time, but we are well on our way. Here's an update on where we're at! (Hint: Looking👌🏼) Enjoy: https://t.co/kCxFxTCpgr pic.twitter.com/VuH6vqwMP2
— Ethos.io (@Ethos_io) February 2, 2018
The team announced an update on the development journey via the Ethos coin official Medium page. But, unfortunately there were no specific dates given. They are testing the app amongst themselves for “holes” now – but we don’t know exactly when this will hit the market.
With the impending release of Robinhood Crypto and a number of other universal wallet up-and-comers on the pipeline, I sure hope it’s fast. But regardless of release date, this platform certainly shows enough promise that it could come out on top.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.